IOC to cut petrol prices by 1.5 pct from Friday

Employees manually fill containers with diesel during a power cut at a fuel station in New Delhi July 31, 2012.

Reuters/Adnan Abidi/Files

REUTERS - Indian Oil Corp (IOC) will cut the retail price of petrol by about 1.5 percent, or 1.09 rupees/litre at Delhi, from Friday as global prices of the fuel have eased since the last revision, the company said in a statement on Thursday.

The country's biggest refiner will, however, raise diesel prices by about 1 percent from Friday, it said.

The government last year allowed state oil firms to raise prices of diesel in small amounts every month to gradually end subsidies.

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